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Russia's first restaurant business to hold IPO June 1

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MOSCOW, June 1 (RIA Novosti) -- Rosinter Restaurants Holding, a leading restaurant operator in Russia and other former Soviet republics, will float its shares on the RTS stock exchange at $32 each on Friday, the company said in a statement.

The company will be Russia's first restaurant business to hold an IPO. It is expected to earn $100 million by selling 3.125 million shares under the RTS: ROST ticker to investors.

Pedro Mario Burelli, vice chairman of the company's board, said: "Leading investors in Russia and Europe have taken an interest in the company's IPO. They share our business concept and support the company's strategy for further developing its regional presence and entering several new markets."

Rosinter, which was established in 1990, has a charter capital of 1.7 billion rubles (about $66 million) divided into 10 million shares with a par value of 170 rubles (about $6.60) each.

Rosinter customers totaled about 12.5 million clients last year. The company has restaurants in 23 cities in Russia, Ukraine, Belarus, Kazakhstan, the Czech Republic, Hungary, and Latvia. Its consolidated earnings calculated to International Financial Reporting Standards (IFRS) increased 32%, year-on-year, in 2006 to $219 million.

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